In Current Times, Many People Are Turning To Credit Cards For Extra Cash And Even A Way To Pay Bills On Time

Category: Finance, Credit.

In current times, many people are turning to credit cards for extra cash and even a way to pay bills on time.

With the high costs of expenses ranging from food, rent, utilities, transportation, insurance, clothing, etc. , it can be very hard to handle everything without occasionally turning to credit cards. This is caused by the fact that the average family now faces higher costs of living than ever before. Although pulling out the credit card can seem very easy and harmless, it can become addicting and sometimes leads to an extreme burden if used irresponsibly. It will continue to pile up, and at some points you may even be unable to pay other expenses such as your phone bills due to the high payments of your credit cards. Many people end up owing large amounts to credit card companies, and this debt only increases if you can t pay it on the due dates. It can seem almost unbearable at times, leaving people feeling helpless to conquer their debt. How will you solve your financial problems?

Is there a solution? The answer would obviously be to simply continue to pay your bills, and eventually you ll get out. The real solution is to educate yourself on the other options available, one being a service called bill consolidation. However, this can sometimes be impossible as you may not even have enough money to pay off even one of your credit card statements. Bill consolidation is simply the process of combining all of your bills into one single payment with lower interest rates and lower monthly payments. One thing to take note of is that bill consolidation services and bill consolidation loans are very different. Instead of paying your credit card bills and other unsecured debt to multiple companies, you ll only have to make a single payment to the company providing the service.

Bill consolidation loans usually put you longer in debt, as the repayment period is extended in order to lower your interest rates. Many people get out of debt in a handful of years with a bill consolidation service as opposed to potentially decades on their own. Bill consolidation services, on the other hand, negotiate with your creditors to greatly lower your payments without using a loan at all. In 2006 to 2007, the Center for Media Research reported that more than half of the United States population owned more than one credit card, and MSN Money reported that 3% of Americans had more than$ 9000 of debt to their credit card companies. You aren t alone in your struggle, and there are thousands of people a day looking for help on getting out of debt.

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Next, Prioritise Your Debts

Category: Finance, Credit.

Most of the nation is in debt to some degree.

But there is a way out, if you have the strength to help yourself. There s nothing shameful in it, but it can be emotionally crippling to be several thousand pounds in debt and feeling like there s no way out. The biggest mistake to make when you re in debt is to ignore it. Admitting you re in debt and facing up to how much you owe is the first step towards solving the problem. Burying your head in the sand only causes the debts to pile up and get worse, and can even result in mild panic attacks whenever the phone rings or the letterbox clatters. Once you feel you can face it, get a copy of your credit report and systematically go through every entry, contacting creditors if needed, to ascertain exactly how much debt you carry. The aim of this step is to get a full, frank and accurate picture of your financial situation.

If you re making monthly payments already, calculate all these and work out how much of the debt you have left. Next, prioritise your debts. Those with lower interest can be paid at the minimum amount. Those debts which carry higher interest rates are best paid off in instalments of more than the minimum amount, to clear the debt faster. Contact your creditors, explain the situation and what you re trying to do, and ask if they can arrange a payment holiday for you, to give you time to concentrate on the higher- interest debts. If you haven t already, set a household budget. If you ve kept up payments, some companies will allow this.

It may mean carrying on as normal for a month to assess your spending patterns and outgoings. Once you have a good idea of where your money goes, you can begin to budget. Keep all receipts, and you may even find it helpful to carry a diary to keep track of everything you spend, and on what. Start off with the most important fixed costs such as rent or mortgage, and council tax. Finally, look at what you spend on non- essentials like toiletries, clothes and meals out. Then work out how much you spend per month on food, and any other, fuel and electricity monthly living expenses. You need to look for things you can either cut down on or cut out altogether, until your debts are cleared.

Note that up to now, we haven t included the repayments you re already making. You should then be left with your disposable income . This is because, you will need, at this stage to contact all your creditors to see if they can offer you a new repayment plan. Some may not accept at first, but if they can see you are genuinely trying to clear off the debt, they should accommodate. Assign a percentage of your disposable income to each creditor based on their priority, and give them a call proposing a new repayment. If you find that you have too many debts to keep track of, or the creditors won t re- negotiate with you, it may be worth taking out a debt consolidation loan to cover the existing debts and condense your monthly payments into one. Don t be tempted to add on an extra couple of hundred as you ll only have to pay even more interest.

Follow the steps above, call your creditors for a settlement fee- sometimes lower than the normal amount- and apply to borrow only enough to cover all your debts. Once you receive the loan, make sure you pay off each creditor and get confirmation in writing that each debt is cleared. Getting out of debt is a long slow process, but it s worth it in the end. Then avoid getting into any more debt, and keep up the repayments on your single loan. It s worth getting a copy of your credit report regularly to see how things are going. Settled debts are usually cleared off your record after 7 years from date of final payment, so don t be dismayed if your score is still low within this time.

Debt Consolidation Loan Is Tailor- Made For Such People

Category: Finance, Credit.

One of the evils of present times is the fact that the price of every thing has spiralled way over the roof. No wonder then that almost every middle class household is under some sort of debt.

So much so that one simply cannot live without loans. And if these debts are not properly taken care of then the situation can turn serious. Also, since loans are available easily these days, people often don t think twice before opting for them. Indeed, debt management or financial solution is one important aspect of living today. And if these debts are not managed properly then one can be rest assured that troubled days lie ahead. One should make sure that the debts which are nearing their lapse date be cleared first. For proper debt management, one should make a timetable on the sequence in which debts should be cleared.

Otherwise there is always a risk of a penalty being slapped. However, people grappling with debt crisis can also avail debt management services from different firms to manage their debts. The best thing, would be to, however make timely repayment of debts so that the risk of forgetting the last date of repayment does not arise. These services can go a long way in handling the debts of a person effectively as well as offering financial solution. They can also prove to be of immense use in chalking out a plan to minimise deficit. These debt management services can suggest alternative means of overcoming debt problems. Similarly, there are debt management agencies that provide help in a complete package.

There are also loans available that can help one overcome one s tax troubles. In other words, they are one- stop destinations for all tax- related worries as they take complete responsibility of finding the right solution for your difficulties. Debt consolidation loan is tailor- made for such people. In short, it can be said that debt management is not difficult and all that is required is a methodical approach to do the needful. They can consolidate multiple loans into one and make payment for the same.

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According To Personal Finance Commentator MoneyExpert, 48 Million People In The UK Are" Very Concerned" About Their Debts

Category: Finance, Credit.

Millions of people across the UK are currently concerned about the level of their debts, prompting many to investigate debt consolidation loans, one price comparison site has asserted. However, although the figure represents seven per cent of the adult population, this has not stopped one in four( 25 per cent) of those already in debt from increasing their borrowing in the last three months.

According to personal finance commentator MoneyExpert, 48 million people in the UK are" very concerned" about their debts. Research published in the company s debt index today reveals that as repeated increases in the interest base rate hit home, higher numbers are questioning their ability to keep up with repayments. While seven per cent are worried about their ability to deal with their debts, the new measure suggests, a similar number have increased the amount they owe by a fifth( 20 per cent) or more. Today s report is the first outing of the MoneyExpert debt index, which is intended to measure how well UK consumers deal with their debt situations. In more positive news from the index, 65 per cent of borrowers have either not increased their debt or have cut the amount that they owe- and some may reduce the amount of interest they pay on their borrowing by engaging in debt consolidation. Anyone who is very concerned about their ability to keep on top of their debts is heading for serious trouble if they do not take action now. " He explained that the five interest rate hikes announced by the Bank of England since last August mean that people will need to adjust and understand that borrowing is likely to cost significantly more" for the foreseeable future" .

Sean Gardner, chief executive of MoneyExpert. com, said: "With more than 48 million very concerned about keeping on top of their debts it is clear that there is a serious crisis brewing. The sources of debt identified in the firm s survey are several, ranging from mortgages( 41 per cent) through unsecured personal loans( 29 per cent) to secured loans( five per cent) . However, Mr Gardner reassured the public that taking action can help to assuage money worries. "There are however plenty of ways for people to get their debts under control from consolidating their borrowing to using the equity in their home through a secured loan. The highest numbers are borrowing on credit cards, with 47 per cent of those questioned stating that they owe money on plastic. It is important that people act and do not bury their heads in the sand, " he asserted. Recent research from an independent financial advisory service, revealed that more, Unbiased than one in twenty( six per cent) UK consumers do not know how much money they owe- with the figure rising to two in five( 41 per cent) in people aged between 18 and 2Meanwhile, Mint Financial Services has advised that those owing money on multiple credit cards should look to combine their borrowing into a single debt consolidation loan in order to mitigate the interest accrued.

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According To The American Bankers Association, The Average American Family Carries Approximately$ 8000 In Credit Card Debts

Category: Finance, Credit.

With interest rates and consumer spending on the rise and as salaries are not raising in line with inflation, more and more consumers find it necessary to use their credit cards to meet expenses and for other purchase items. For many consumers using credit cards is unavoidable and the following tips can help you to manage your credit card debt wisely. 0% Balance Transfer: Be on the lookout for 0% APR balance transfer deals with a minimum introductory period of 12 months.

According to the American Bankers Association, the average American family carries approximately$ 8000 in credit card debts. Ideally there should be 0% APR on new purchases as well so you can avoid paying interest on your old and new purchases. There is often a balance transfer fee attached and depending on the value of the balance being transferred, this fee could be quite high, so you would need to calculate how much you would actually save by transferring your balance to the new credit card. This option should be used to pay off the balance and not just to defer paying your existing debt. Use cash as much as possible: As more and more merchants provide credit card facilities, it is becoming much easier for you to pay by card rather than by cash. To avoid this extra debt, use cash to pay for your purchases.

You use your card and make a mental note to transfer the cash at a later date, but more often than not, you find other uses for the cash and end up retaining the debt on your credit card. If the purchase is not absolutely necessary then hold out until the cash is available. If you were to do all three in one month, you could be charged an extra$ 40 at least, depending on the rates of your credit card provider. Be aware of the additional fees: When you pay your credit card bill late, go over the limit or use it to withdraw cash, you would have to pay separate fees for each transaction. Save while you spend: There are a number of credit cards available that allow you to save in direct proportion to your spending. Instead of the rebates going back to you, it is invested directly into your savings account which is attached to the credit card account.

It is a new twist to rebate cards. Obviously the more you spend the more you would save, but this also means you would have a lot more debt to repay, so you still need to spend wisely. Make smart financial resolutions: To manage your credit card debt you must make a decisive decision to do so, spending on only, this would involve the things you really need and deferring pleasure items until a later date. The account gives you a nice reward based on what you spend but you are not encouraged to use this method as your only means of saving. Watch your debts carefully and make a plan to save and reduce your debts at the same time. Your debt does not have to control you.

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There Are A Lot Of Credit Card Companies Who Can Process Your Application Online Instantly, Or Within A Few Minutes

Category: Finance, Credit.

If you have surfed around on the Internet, you have no doubt ran across many different credit card companies, offering you cards at what they claim are the best in terms of interest rates and fees. Even though many people understand how this process works, there are some who do not.

Credit card companies operate both offline and online, and you can even apply for your card directly through their website. There are a lot of credit card companies who can process your application online instantly, or within a few minutes. You can still shop, although you will not be able to use your new credit card- you have to wait until it is mailed out to you. Keep in mind that it does not mean you can shop instantly, simply because you can not print out your new credit card and take it out to the store. Although your application will only take you a few minutes, you will still have to wait for your new credit card. Online credit cards are a smart choice, as most will tell you instantly whether or not you have been approved. It will be sent to you via mail, so you will need to a wait a few short days before it arrives.

Even though you will have to wait on the card, it does not take near as long as applying the old fashioned way. The first difference is the time, as it can take a long time to return the credit card offer to the company and receive a response. When you compare the old fashioned method of getting credit cards to the online method, you will see some major differences. Snail mail can take forever when you are waiting on a response, especially if there are problems with processing your application. If you choose to apply for your credit card online, you will have the option of looking at several different companies. The traditional method of getting a credit card will not allow you to compare what other companies have to offer.

This way, you can find the best deal for your money and know without a doubt that you found the best deal. Keep in mind that even though applying online is a great way to get credit cards, there are limitations on instant approval. There are literally hundreds of credit cards online, all you have to do is find one that interests you and apply for it. As you may already know, online credit cards with instant approval are meant for those who already have good credit. With the market being very competitive these days, there are some companies that will approve you regardless, just for the simple fact that it gives them business. Even though you may not have good or perfect credit, there are ways that you can get approved online. A lot of online companies are looking to get more business, so they will let the line slide quite a bit, and approve almost anyone now days.

You will find many to choose from, giving you plenty of available options. If you are looking for a credit card, all you have to do is look online. Credit card companies are easy to find online, with there being more online than offline. With a little luck, you may end up getting approved. Getting approved online for your credit card is easier than ever, as all you need to do is apply and wait for a response. Once your application is approved, all you do is sit back and wait for your credit card to arrive- it is as easy as that.

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Simply Transfer The Balance Of Your Credit Card To A Single Introductory Low Rate Card

Category: Finance, Credit.

If you are in financial trouble, have you ever considered that credit cards with low interest rates could save your financial bacon?

And of course, the lowest possible interest rate is zero, nothing at all, nada. This isn t an advertising slogan, it happens to be true. If you are like a lot of people, you are paying hundreds of dollars every month on credit card interest. Simply transfer the balance of your credit card to a single introductory low rate card. You do not need to do this. If you choose a card with a decent introductory period, you can actually save thousands of dollars. Usually the reason is that they are not deliberately choosing to do so at all.

Why would anyone choose to continue struggling every month under the weight of high credit card debt, when they could transfer their credit card balances to credit cards with low interest rates? They simply haven t made a deliberate decision to change. However, this sort of thinking keeps us stuck. Sometimes change can seem the harder option, even if the current circumstances are extremely difficult. If we are in financial trouble because of credit cards we need to take swift action to improve our circumstances. Credit cards with low interest rates are not difficult to find.

Even if we are not in financial trouble, we should still not pay more interest than we have to on our credit card debt. The internet hosts many credit card comparison websites that offer special introductory credit cards as well as straight up low rate credit cards. These sites can save you a lot of time checking out different introductory rate cards. You can find sites like this by conducting an internet search. They offer comparisons of terms and conditions, interest rates and, introductory periods other charges. It is very important to read and understand the terms and conditions when it comes to credit cards with low interest rates. Most also provide an online application form so that you can apply for a balance transfer credit card from the privacy of your own home.

Some cards have severe penalties if you pay even a day late. While it is ideal to pay your bills on time, things can go wrong. These penalties can add up to a lot of extra cost. So it is a good idea to choose an introductory credit card that is lenient with penalties. Don t pay more interest than you have to. The more money you can keep in your pocket the better. Use credit cards with low interest rates to take back control of your finances.

Furthermore, credit card comparison websites make it easy to research, choose and apply for a balance transfer credit card. It is such a simple decision, yet it has profoundly positive benefits. There is really no excuse to struggle and continue to be financially stressed when you can easily take advantage of this option. Decide to change your life and give yourself a break with an introductory rate credit card.

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